负债如何影响家庭福利?——基于中国家庭追踪调查(CFPS)的新发现  

How does the Debt Affect Family Welfare:New Evidence from the CFPS

作　　者：肖斌卿[1] 石湖海 丁佳桐 杨栋齐 Xiao Binqing;Shi Huhai;Ding Jiatong;Yang Dongqi

机构地区：[1]南京大学工程管理学院,南京市210008 [2]华泰联合证券

出　　处：《南方经济》2023年第7期21-41,共21页South China Journal of Economics

基　　金：国家自然科学基金项目(U1811462,72071102);江苏省研究生科研与实践创新计划项目(KYCX22_0061)资助。

摘　　要：结合阿玛蒂亚·森的可行能力框架理论对家庭福利进行了刻画,并运用模糊综合评价法对家庭福利水平进行了更加精准的测算,在此基础上研究家庭负债与家庭福利的关系,取得不同于以往研究的新发现:第一,发现了家庭杠杆率与家庭福利水平的倒U型关系,即当家庭资产负债比达到一定比例(4.65)后,负债对家庭福利的影响从正向转为负向;第二,家庭负债类型对于家庭福利的影响不同;第三,家庭人力资本投入在家庭负债行为和家庭福利水平之间发挥了重要的中介效应,即负债通过解决在消费、教育、医疗等方面的资金需求,提高了家庭人力资本的投入水平,从而改善家庭福利。文章的研究为家庭做出合理的金融决策和政府制定相关政策提供思路和启示。We combine the feasible ability framework theory of Amartya Sen and use fuzzy comprehensive evaluation method to calculate the level of family welfare more accurately.On this basis,this paper studied the relationship between family debt and family welfare,which helped us obtain some new findings.The first new finding is reflected in the inverted U-shaped re⁃lationship between the scale of household debt and the level of household welfare,that is when the household asset-liability ratio reaches a certain ratio(4.65),the impact of debt on household welfare changes from positive to negative.Further analy⁃sis also found that different types of household income and household debt have different effects on family welfare.Thirdly,this paper finds that the family human capital input plays an important mediating effect between the family debt behavior and family welfare level.Debt can improve the family human capital input level by solving the capital demand in consumption,education,medical treatment and so on,to improve the family welfare.The research of this paper provides ideas and enlight⁃enment for families to make reasonable financial decisions and the government to formulate relevant policies.

关 键 词：家庭负债 家庭福利 影响机理 中介效应 

分 类 号：F126[经济管理—世界经济]